Robinson Aircraft, a hybrid eVTOL aircraft developer (Horizon Aircraft), has announced a strategic investment in the form of a convertible note purchased by certain accounts of Canso Investment Counsel (Canso) and affiliated companies for an aggregate CA$6.7 million.
Brandon Robinson, Chief Executive Officer and co-founder of Horizon Aircraft commented, “Canso has a strong history of supporting the growth of numerous businesses across Canada since its inception. We are proud and humbled to have Canso as a strategic partner. Canso is an experienced investor in aviation and space technology and is a champion of Canadian aerospace companies in particular. This investment is a landmark moment for our organisation and will play a major part in Horizon Aircraft’s vision of building a better future and providing long-term value for our shareholders.”
Nic Desjardins, Portfolio Manager at Canso Investment Counsel, stated, “Horizon Aircraft’s management team give us the confidence to be able to support an innovative Canadian aerospace company that is making considerable progress with their project. We made this investment because we believe in their leadership, the value proposition of their unique technology and approach to developing it. We hope that the Cavorite programme will have a resounding, positive impact on Canada’s communities and our citizens.”
As previously announced on August 15, 2023, Horizon Aircraft and Pono Capital Three have executed a definitive Business Combination Agreement (the Business Combination Agreement). Pursuant to the Business Combination Agreement, it is intended that Horizon will amalgamate with Pono Three Merger Sub, a wholly owned subsidiary of Pono, with the resulting combined company continuing as a wholly owned subsidiary of Pono and will trade under NASDAQ: HOVR.
Horizon Aircraft Horizon is an advanced aerospace engineering company that is developing one of the world’s first eVTOL aircraft that will be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range and operational utility. Horizon’s unique designs put the mission first and prioritise safety, performance and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL aircraft quickly and then enter the market and service a broad spectrum of early-use cases.
